European shares rise after slew of upbeat corporate earnings

Solid earnings reports set the tone for gains in early trading on Wall Street. Photograph: Spencer Platt/Getty ImagesEuropean shares rose on Wednesday as a slate of upbeat earnings from companies including Infineon, AXA and Just Eat Takeaway offset some fears of a slowdown following gloomy business activity data from the region.

Avast surged 43.8 per cent to an all-time high after Britain’s competition regulator said it has provisionally cleared cybersecurity firm NortonLifeLock’s $8.6 billion purchase of its rival. Shares in Just Eat Takeaway, Europe’s largest meal delivery company, rose 5.4 per cent after it posted a smaller than expected loss for the first half of 2022. German microchip supplier Infineon rose 5 per cent after reporting a rise in quarterly revenue and lifting its full-year outlook as it continues to benefit from a semiconductor shortage.

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Analysts to upgrade Smurfit Kappa forecasts following jump in earningsAnalysts have moved swiftly to upgrade their forecasts for Smurfit Kappa after the paper packaging giant last week reported a 50 per cent increase in earnings for the first half of this year.
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